EHang Holdings Ltd. (EH), an autonomous aerial vehicle (AAV) technology Platform Company, has grown 3.71% and was trading at $22.10 in premarket when last checked. The increase could be attributed to an agreement of collaboration between Ehang and the Spanish national police. On Wednesday, EH stock dipped 2.83% during regular hours and was trading at $21.31 at the close of the day.
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EH collaboration with Spanish National Police
EHang announced to Wednesday to collaborate with the Spanish National Police. The collaboration was meant to explore the potential use cases for AAVs in emergency and security missions. The company made the first public exhibition of EHang 216 passenger-grade AAV in Spain at Cuatro Vientos Aerodrome in Madrid during the press day of Expodronica at the World Air Traffic Management Congress. Both EHang and Spanish National Police planned to coordinate for the usage of AAV in emergency conditions. They include rescue, surveillance, and other similar missions that are critical in the improvement of the quality of life and citizenry safety. The Spanish National Police and EHang would demonstrate the best utilization of AAV technology through trial flights, through coordination with the Polytechnic University of Valencia. That ultimately would lead to the exploration of safer and effective solutions for saving lives.
EH Q2 2021 financials
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On 25th August, EHang reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $49.54 million on 30th June. The total assets in possession of the company were $102.41 million, while total liabilities remained at $29.83 million. The total revenues for the period generated by the company stood at $1.88 million. The gross profit for the three month period was $1.28 million. The total operating expenses for the three month period were $13.21 million. The operating loss for the quarter stood at $11.60 million. The company suffered a net loss of $11.55 million. The net loss per basic and diluted share for three month period remained at $0.20. Commenting on the results, Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer of EHang said that the company would continue moving towards its long-term strategic goal of becoming a UAM platform operator through accumulating solid momentum.
What’s ahead for EH
A close look at statistics reveals that the performance of EH stock in the last year has been excellent, although it has faced numerous setbacks in recent months, mainly due to accusations of elaborate stock promotion, as evident from recent partnerships and ventures of the company, it could enjoy big gains in near future.